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An April review by the IMF ended without an agreement, with June the next opportunity to meet the IMF's conditions and release two tranches of loans.

The World Bank, the Asian Development Bank, the Islamic Development Bank and others, are providing support packages worth billions of dollars, to help with financial sector reforms.

Only a month after its US dollar bond deal, China finds significant demand from European investors, who are also confident about the country's post-Covid economic rebound.

China's decision to visit the capital markets with a 144a bond, the region's largest sovereign issuance this year, has paid off just as its economy is emerging from the Covid-19 gloom.

The challenges are significant when 85% of the population is unbanked and the country has no capital markets. The acting governor of Da Afghanistan Bank outlines his plans to build from the ground up, promote financial inclusion, and learn from countries like Cambodia.

Continued infrastructure investment from multilaterals, especially that linked to the training of women, is helping Tajikistan develop a future for tourism, but international investors remain wary to say the least.

After a lacklustre few years thanks in part to over-regulation, Pakistan is cleaning up its image for issuers and investors and betting on simplified IPO rules to catalyse the market. Three IPOs are waiting for approval and more are in the wings, bankers claim.

Indonesia’s problems have reignited debate about how countries can protect themselves from destabilization by foreign capital flows, and their borrowers from foreign exchange risk.

Pakistan may be an emerging market country in name, but it remains a frontier market by nature.